Tallinn, Estonia – (Newsfile Corp. – May 10, 2022) – Primex Finance, a DeFi platform that connects passive allocators to traders, is launching its first alpha version on the upcoming testnet. The Alpha offers the vast majority of features intended for mainnet and marks the final testing phase before full release.
Primex Alpha Testnet is published
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Primex offers benefits to two classes of users: the lenders and the merchants. Lenders take their assets and deliver them in buckets with different assets and trading rules. The rules limit how traders can use the funds they borrow from these buckets, specifying which pairs they can use and what their maximum leverage is.
The main advantage for traders using Primex is that they can access leveraged trading and other on-chain trading instruments without using derivatives and in a fully decentralized way. Lenders, in turn, have the opportunity to generate significantly higher interest rates compared to regular lending platforms since they are backed by trading profits and fees. Since trades are processed through Primex smart contracts and not through the trader’s personal wallets, traders do not need to collateralize their margin debt, just lock their initial trade deposit on a Primex smart contract. This is similar to margin trading on centralized exchanges, where platforms know trading positions will remain liquid.
Buckets and traders in Primex are rated by community-nominated notaries, special community members who have the expertise to evaluate activity on the platform. A high reputation in the chain and a track record of success make traders more likely to be admitted into riskier buckets. For lenders, higher leverage means higher returns than regular DeFi lending platforms, with little added risk.
The Primex Alpha release includes all the core features of the platform, with three initial buckets available for lenders. These use test ERC-20 tokens that can be minted by the Primex faucet. Lenders can provide funds, see their balances and history of their actions. Traders can borrow these tokens and perform complex trading operations using stop-loss and limit orders. While this first phase does not involve real money, getting testers to use the system and find potential bugs is crucial to the success of the platform.
“It’s been a few months since we started the development process and finally we’re launching Primex Alpha, the first big step towards mainnet launch,” said Vlad Kostanda, co-founder of Primex Finance. “The Alpha includes all the essential features for the mainnet and provides both lenders and merchants with a fun playground to try out the platform and test its functionality.”
Primex will also run its anticipated referral program where all recommended liquidity/trading volume will be rewarded later. The connections between ERC-20 addresses will be stored in an on-chain smart contract and eventually airdropped to support early governance.
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About Primex
Primex is the cross-chain prime brokerage liquidity protocol for cross DEX margin trading with trader scoring mechanisms.
At Primex, lenders provide pools of liquidity that traders can use for leveraged trading in cross-DEX environments.
Lenders have the flexibility to manage their risks and returns by providing liquidity to a variety of risk buckets, subsets of liquidity pools that regulate traders’ risk strategies.
Contact:
[email protected]
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